Tag Archives: First-Time Homebuyers Credit

No Repayment Needed

Today TaxMama® hears from Dave in the TaxQuips Forum, with an excellent question  (let me summarize).  “His friend’s daughter bought a home in 2008 subject to the First Time Homebuyer Credit repayment. During 2011, she was deployed to Iraq for 11 months. Can she file an amended return and have the entire balance of her repayment […]

Moved out Too Soon

Today TaxMama® hears from Elisa in the TaxQuips Forum with this question. “I purchased a home in 2009 getting a first-time homebuyers credit. I lived in it for 1 year.  I moved to be closer to work and am renting an apartment. I have been renting my house out since July 2010.  How will me […]

Homebuyer Credit Nightmare

  Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am barely breaking even, so there is […]

Land and Lot

Today TaxMama hears from Mark in the TaxQuips Forum, who got denied – again. Let me summarize – Mark bought land in March of 2009. Bought a manufactured home in April of 2010 – and had the property graded, receiving the occupancy permit by June of 2010 – before the deadline for the First Time […]

Missed the Deadline?

Today TaxMama hears from Jesus in the TaxQuips Forum, who is on the cusp. “I made my offer for my home on 04/29/10 but I closed escrow on 06/14/10. My HUD-1 statement says STAEMENT DATE : JUNE 14, 2010, basically the day I closed escrow. Do I still qualify? The binding contract is confusing. What […]

Eight Essential Facts about Claiming the First-Time Homebuyer Credit

Courtesy of IRS. [TaxMama Note: Read TaxMama’s MarketWatch article, due out on February 11th, about the Homebuyer Credit, tips to avoid delays, and information about how to deal with unusual situations.] If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time […]

Repaying Homebuyers Credit

Today TaxMama hears from Paul in the TaxQuips Forum with this question. “How do I start paying back the $7,500 homeowner credit from 2008? We know we’re supposed to pay it back in 15 installments of $500 each year; but we can’t find a line to enter it on the 1040 form for 2009.” http://taxmama.wpengine.com/forum/taxquips/how-do-i-start-paying-back-the-7500-homeowner-credit/

More on First-Time Homebuyer Credit Documentation

The IRS has provided additional clarification regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking the homebuyer credit to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.

Line C Form 5405

Today TaxMama hears from Seth in the TaxQuips forum, with this question. “The instructions for line C in Part 1 of Form 5405 (Rev. December 2009) are confusing to me. It states “If the date purchased is after April 30, 2010, and before July 1, 2010, did you enter into a binding contract before May […]

IRA for Home

Today TaxMama hears from Matthew in California who begs leave…  “I withdrew money from my IRA for a first time home purchase.  The amount was over $10,000, the lifetime maximum. Can any of the portion over the $10k mark be attached to my wife’s name?  In effect, could we get a $20K early withdrawal penalty exemption […]